Markets Close Volatile Week
Product markets in the CME were volatile to end the week on Friday. Butter, which moved higher all week long, hit a selling wall as 32 trades hit while 18 offers were left hanging. Butter fell 5 cents and closed at $2.10 per pound. Monday through Friday a total of 72 trades took place at an average price of $2.09 1/2, up 2 3/4 from the prior week.
Barrel cheese was the next exciting product on Friday. Seven trades took place as barrels jumped 6 cents to $1.48 per pound. 38 loads in total traded hands on barrels as they traded at an average price of $1.40 1/4, up 4 1/4 cents per pound. Blocks added 1 1/2 cents on Friday but finished unchanged on the week at an average weekly price of $1.51 3/4. Thirteen loads moved on the week. Grade A nonfat dry milk dropped 2 1/4 cents to 70 1/2 cents on three trades, 3 bids and 13 offers. Average price for the week was 72 1/2 cents, down 1 1/4.
Class III milk markets finished mixed on Friday. February and March added 2 and 6 cents while the second quarter dropped 5 to 7 cents. The second half of the year ranged from 2 cents lower to 4 cents higher. Class IV milk closed lower. March declined 21 cents while the second half settled 3 to 11 cents lower.